Tags: electric | cars | obama | loans | finland

Car Company Gets Obama Loan, Builds Cars in Finland

Thursday, 20 Oct 2011 11:29 PM

By Newsmax Wires

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With the blessing of the Obama administration, an electric car company is using its $529 million federal government loan guarantee to build cars in Finland – because it supposedly can’t find a factory good enough to do the work in the United States.

But two years after the loan was announced by Vice President Joe Biden as a way to create new American jobs, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland, according to an investigation by ABC News.

It gets better: Fisker Automotive is backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore.

"There was no contract manufacturer in the U.S. that could actually produce our vehicle," the car company's founder and namesake told ABC News. "They don't exist here."

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

"We're not in the business of failing; we're in the business of winning. So we make the right decision for the business," Fisker said. "That's why we went to Finland."

The loan to Fisker is part of a $1 billion bet the Energy Department has made in two politically connected California-based electric carmakers producing sporty -- and pricey -- cutting-edge autos.

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